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Bitcoin and other cryptocurrencies are gaining popularity among individuals and well-known investors. As people look for unique ways to make money and get credit card rewards, it’s worth knowing if you can earn credit card rewards while also earning Bitcoin. Is it possible to earn Bitcoin with a credit card?

A new service from PayPal allows its customers to buy, hold and sell cryptocurrency directly from their PayPal account. Credit: PayPal

Are There Bitcoin Rewards Credit Cards?

Bitcoin rewards credit cards are a cutting-edge innovation that is not very common. The “big banks”, like Chase or American Express, don’t offer them yet. However, smaller banks, like Evolve Bank and Deserve, issue the first-generation of Bitcoin credit cards.

For example, if you want to buy Bitcoin with Chase Ultimate Rewards, you must first request a cash deposit. Then, you use your cash to buy Bitcoin on a cryptocurrency exchange like Coinbase.

Instead, you will need to get a credit card that’s similar to a co-brand credit card. These cards can work where Visa and Mastercard payments are accepted.

As Bitcoin rewards cards are very new, you may need to join a waiting list.

BlockFi Rewards Credit Card

The information for the BlockFi Bitcoin Rewards Credit Card has been collected independently by Johnny Jet. The card details on this page have not been reviewed or provided by the card issuer.

The BlockFi Bitcoin Rewards Credit Card is launching in 2021 using the Visa payment network. Existing BlockFi clients can receive the card first but others can join BlockFi and then join the waitlist. This card will be available to US residents in qualifying states.

Cardholders will be able to earn 1.5% back on all purchases in Bitcoin.

There is a $200 annual fee.

The signup bonus is $250 after making $3,000 in Bitcoin purchases during the first 3 months. This bonus can cancel the first-year annual fee and net a $50 Bitcoin bonus.

In addition to earning Bitcoin rewards, BlockFi lets users earn interest on their Bitcoin balance. BlockFi lends your Bitcoin position to other investors and charges them margin interest. While you can’t access your Bitcoin, you can earn up to 8.6% interest for lending your Bitcoin.

Gemini Credit Card

The information for the Gemini Credit Card has been collected independently by Johnny Jet. The card details on this page have not been reviewed or provided by the card issuer.

The Gemini Credit Card is a “co-brand” option for the Gemini cryptocurrency exchange. Experienced cryptocurrency investors may remember hearing about a “Blockrize card.” Well, Gemini acquired Blockrize and its new name is going to be the Gemini Credit Card.

There is currently a waiting list as over 10,000 Gemini users await the launch in 2021.

You can earn 3% back on card purchase and redeem the purchases for these cryptocurrencies:

  • Bitcoin
  • Ethereum
  • Litecoin
  • Bitcoin Cash

There are no exchange fees by buying cryptocurrency with the Gemini Card purchase rewards.

Few additional card details are available at this time. For example, Gemini has yet to answer this questions:

  • What is the annual fee?
  • Will it be a Visa or Mastercard?
  • What is the signup bonus?

The Gemini Card will be available in all 50 US states, according to Gemini.

Fuze Card

The information for the Fuze Card has been collected independently by Johnny Jet. The card details on this page have not been reviewed or provided by the card issuer.

Fuze is technically a “cold storage” wallet that stores Bitcoin and other cryptocurrencies off of the exchanges where the storage accounts are more likely to be hacked and stolen. See more on hacking and ISO 27001 protections here.

This card doesn’t earn Bitcoin or other crypto rewards. However, you can swipe the Fuze card to make mag-stripe purchases. This card doesn’t have an EMV chip but can connect to a phone or laptop via Bluetooth to transfer cryptos back online.

There is a one-time purchase fee of up to $169 to buy a Fuze Card.

PayPal Cashback Mastercard

The information for the PayPal Cashback Mastercard® has been collected independently by Johnny Jet. The card details on this page have not been reviewed or provided by the card issuer.

The PayPal Cashback Mastercard® is an indirect way to earn crypto rewards with a credit card. This card is issued by Synchrony Bank and earns 2% back on purchases.

There isn’t an annual fee or signup bonus with this card.

You can redeem the purchase rewards into your PayPal balance. From here, you can buy popular cryptocurrencies including Bitcoin. However, any crypto you buy with PayPal cash must stay in your PayPal account.

You’re actually buying Bitcoin futures and don’t get an actual cryptocurrency key as if you buy Bitcoin on an exchange like Coinbase, Gemini, or Binance.

You will need to exchange your Bitcoin for cash to withdraw your rewards. Or, pay for purchases with Bitcoin. However, if you want to invest in Bitcoin, this is one of the easiest options.

Related: The Best Cash Back Credit Card Offers

Coinbase Card

The information for the Coinbase Card has been collected independently by Johnny Jet. The card details on this page have not been reviewed or provided by the card issuer.

It’s also going to be possible to earn Bitcoin with debit card purchases. The upcoming Coinbase Card launches in 2021 and pairs with the Coinbase cryptocurrency exchange.

This card is a debit card instead of a credit card.

Key card features include:

  • Earn up to 4% crypto rewards
  • No annual fee
  • No signup fee
  • Works anywhere Visa debit cards are accepted

The Coinbase Card is available in every state except Hawaii.

Bitcoin Rewards Apps

There are several shopping apps that earn Bitcoin rewards instead of cash back or gift cards. These shopping apps install as a mobile app or web browser extension.

Instead of shopping the airline frequent flyer shopping portal and earning airline miles, you can use one of the crypto rewards portals.

You can earn Bitcoin rewards with any credit card.

Fold

Fold offers a web app for computers along with an Android and Apple mobile app. This shopping app is free and can earn up to 20% back on online and in-store purchases.

You purchase gift cards and then earn Bitcoin rewards by redeeming that gift card at the retailer. The process isn’t as easy as cash back shopping portals, but you earn Bitcoin.

You can also spin a daily prize wheel to win extra Bitcoin rewards.

Your redemption options include redeeming rewards for gift cards or transferring your balance to a Bitcoin wallet. The cash out minimum is 50,000 Satoshis to transfer to a Bitcoin wallet. For reference, 100 million Satoshis equal 1 whole Bitcoin.

Fold is also releasing a debit card in 2021. There are a free annual plan and a premium plan that costs $150 per year. It’s possible to earn more Bitcoin rewards but various banking fees can apply.

Lolli

Lolli works at over 1,000 online retailers to earn Bitcoin or cash rewards. The highest payouts are 30% back but the most popular stores pay less.

The shopping rewards store in a Lolli wallet. Once the balance reaches $15, users can redeem their rewards for cash back or transfer to an external Bitcoin wallet.

Lolli doesn’t charge a transfer fee for Bitcoin transfers but charges $0.25 for cashouts.

Pei

Pei lets you earn cash or Bitcoin rewards online and at participating local stores. Members can link their payment card to the Pei phone app for Android or iOS. Then, Pei tracks the purchase history and distributes shopping rewards.

To receive credits for most online purchases, you will need to install the Google Chrome browser extension. For online shopping, Pei requires users to activate a shopping session like cash back portals instead of tracking a linked credit card purchase.

The cashout minimum is $25 to request cash or Bitcoin payment.

Summary

Bitcoin rewards are currently not a redemption option with the best rewards credit cards. But as more people start acquiring Bitcoin, that trend can change. The first Bitcoin rewards credit cards arrive in 2021 but require joining a specific cryptocurrency exchange.

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Josh Patoka
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